TORONTO and KNOXVILLE, Tenn., April 17, 2020 (GLOBE NEWSWIRE) -- Solar Alliance Energy Inc. (‘Solar Alliance’) or (the ‘Company’) (TSX-V: SOLR) announces it has reached agreement (“Debt Settlement Agreement”) with certain senior management to fully settle an aggregate of up to $54,999 of unpaid fees for shares in the Company. Pursuant to the Debt Settlement Agreement, the Company would issue up to 1,099,980 common shares of the Company at a deemed price of $0.05 per share to Clark Public Affairs Ltd. (a company controlled by CEO Michael Clark).
The Company also reports that the Board of Directors has granted stock options of a total of 2,900,000 common shares to certain Directors and Officer, exercisable for up to five years at a price of C$0.05 per share. The options granted will be subject applicable regulatory hold periods.
The Debt Settlement Agreement is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.